2023-12-31-accounts

Headway the brain injury association HEADWAY- THE BRAIN INJURY ASSOCIATION Charity number: 1025852 Office of Scottish Charity Regulator number: SC039992 Company number: 2346893 INCORPOFIATEDASA COMPANY LMITED BY GUARANTEE REPORT AND FINANCIAL STATEMENTS YEAR END 31 DECEMBER 2023

Headway - the brain injury association Contents Trustees, annual report Objectives and activities Public benefit Achievements and performance Future plans Financial review Reserves policy Investment policy Structure, governance and management Reference and administrative details Trustees, responsibilities statement 3-23 5-15 15-16 16 16-17 17 17-20 20-22 22-23 Auditors, report 24-28 Consolidated statement of financial activities including the consolidated income and expenditure account 29 Balance sheet 30 Consolidated cashflow statement 31 Notes relating to the financial statements 32-43

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 Report of the trustees for the year ended 31 December 2023 The Trustees are pleased to present their annual report together with the consolidated financial statements of the charity and its subsidiaries for the year ending 31 December 2023. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and effective for periods commencing on 1 January 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. The charity's mission is to promote understanding of all aspects of brain injury and provide information, support and services to survivors, their families and carers. The objectives of Headway - the brain injury association (Headway UK) are: to increase awareness and understanding of brain injury and its consequences; to initiate activities and campaigns that will reduce the incidence of brain injury; to provide information and support for people with brain injuries, their relatives, carers and concerned professional people,. to promote improved approaches to brain injury screening, acute care, assessment, rehabilitation and community reintegration. to assist people with brain injuries to return to community living, including access to appropriate accommodation, social outlets and productive activity. and to support and help to establish Headway groups throughout the UK in furtherance of the charity's mission statement and encourage them to address the needs of all sections of the community. The Trustees believe that by realising these objectives the charity will achieve the legal purposes for which it was established namely: to promote understanding of all aspects of brain injury and provide information, support and services to survivors, their families and carers. In 2023, the charity continued to prioritise support for the network of Headway groups and branches, the Emergency Fund, the helpline, the Justice Programme and its information services. The charity will continue to provide Brain Injury Identity Cards to help identify vulnerable survivors when they come into contact with the criminal justice system or need assistance with everyday tasks. the Emergency Fund will continue to provide grants to

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 families struggling to cope with the financial implications of brain injury. and high-quality, award-winning information will still be made available free-of-charge to survivors, Garers and professionals via the website. The helpline will continue to ensure brain injury survivors and carers are offered a listening ear should they need support or assistance, while the Approved Provider project will continue to assist families and commissioners to identify high-quality residential care units specialising in the support and rehabilitation of patients with acquired brain injury through its robust accreditation process. The charity will also campaign and lobby for improved access to specialist rehabilitation services and the prevention of brain injury and raise awareness in the UK-wide press to champion the needs of survivors, families and carers. Frontline services provided by Headway UK include but are not limited to: support and guidance to a network of groups and branches providing local services across the UK, in addition to providing weekly peer support, social and information sharing services for brain injury survivors across 12 communities in Northern Ireland., a freephone nurse-led helpline providing confidential support and information to anyone affected by brain injury as well as professionals working to support them; a comprehensive and award-winning website providing information and support on all aspects of acquired brain injury" a free-to-access award-winning range of publications designed to help people understand and cope with the effects of brain injury., the Emergency Fund, which provides financial support to families in the aftermath of a brain injury. the Justice Programme, which provides assistance to survivors of a brain injury who come into contact with the criminal justice system while providing survivors with Headway Brain Injury Identity Cards; and campaigning and lobbying to improve the quality of and access to specialist rehabilitation and support services across the UK. How do we measure success? We measure success by accurately monitoring the number of people accessing our services. This includes analysing the number of people visiting our website, downloading our publications, contacting the helpline, or applying for Emergency Fund grants and Brain Injury Identity Cards. Qualitative feedback is also taken into account, with the board reviewing positive and negative feedback and complaints on a quarterly basis. In addition, throughout 2023 a number of consultation exercises took place with a wide range of stakeholders.

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 This included The Big Conversation, which involved senior staff at Headway UK having one-to-one interviews with representatives from each of the autonomous local Headway charities (groups) and focus groups for branch volunteers to better understand the challenges they face since the Covid-19 pandemic and how we can best support them. Furthermore, as part of the development process for a new long-term strategy, a series of surveys and focus groups were completed to hear the views of brain injury survivors, carers, family members, the Headway network, Headway UK staff and supporting organisations. These success measures are detailed throughout this document in the relevant sections. Public benefit The trustees confirm that they have referred to the advice contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims, objectives and operations. They are of the opinion that the provision of the range of services offered enables Headway to meet its obligation to provide public benefit. Achievements and performance 2023 was a year of transition and growth as the charity continued its post-pandemic rebuilding and restructuring process under the leadership of a new Chief Executive and senior leadership team. Thanks to the prudent and stable stewardship of a highly-experienced and dedicated board of trustees, the process was based on evolution rather than revolution. The focus has been on reviewing and modernising processes in order to be more efficient and meet the changing needs of those we support - including the network of local Headway charities and branches. A number of new colleagues joined the charity in 2023 as we continued to gradually rebuild having operated with a skeleton staff for much of the pandemic. Introducing so many new faces to a team can be challenging, but the way in which new colleagues have embedded themselves into the culture and cause was among the highlights of the year. The establishment of a new set of values, driven by staff input, and the introduction of initiatives to support the welfare and wellbeing of staff, such as an Employee Assistance Programme, have helped our programme of modernisation. Support to the ne￿Ork of local Headway charities and volunteer-led branches was once again a key priority in 2023. Significant progress was made in strengthening collaboration among the network, with programmes of activity such as the Ne￿Ork Learning Exchange and the inaugural Network Day facilitating the sharing of best practice and peer support.

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 This partnership working has never been more important as the pressures on local charities providing adult social care reach unprecedented levels. The retail team once again exceeded expectations, producing another excellent set of financial results that have significantly contributed to another strong financial performance for the charity as a whole. The new-look fundraising team also reaped the rewards of investing in new ways of working in 2023, with improved donor stewardship leading to an increase in community fundraising income. Our media exposure and campaigns continued to raise the profile of the charity and awareness of brain injury, and our public affairs work has strengthened our political voice. We helped hundreds more families through our Emergency Fund, issued almost 2,000 ID cards, and provided new free-to-access training courses to brain injury survivors. Support to groups and branches In 2023, the charity recruited to two new roles - Head of Network, to oversee the Network Support Team, and a Network Development Manager for Scotland. Both roles increase the level of support offered to groups and branches. Eady in 2023, the charity launched the Network Learning Exchange, a calendar of free online discussion sessions, and workshops, specifically for Headway groups and branches. In total, 2023 saw 20 sessions with 127 attendees, from 43 groups and branches. Topics included HR, finance. good governance, and safeguarding. In October, Headway held the first face-to-face event with groups and branches, since before the pandemic. The Network Day event, which was held in Birmingham, was attended by 67 delegates from 33 groups and four branches. The day included expert-led sessions on commissioning, opportunities for the ne￿Ork to share innovation, as well as break-out groups and informal networking. In 2023, Headway invested in the development of an impact measurement tool. The Outcomes Star is a well-recognised person-centred, strengths-based tool. This is a collaborative programme of work and we are grateful to the 15 Headway groups that are part of the steering committee to develop this important tool. Once launched, the Brain Injury Outcomes Star will be available to use by Headway groups free of charge for the first three years. In 2023, the charity continued to provide financial support to the network, by waiving the 2023 affiliation fee for every Headway group and contributing half the costs for general insurance at a combined cost of £80,140.

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 Services in Northern Ireland We remain proud to be commissioned by the Strategic Planning and Performance Group (SPPG) to provide support services across Northern Ireland. The 11 weekly support groups across Northern Ireland continued to grow and develop over the course of 2023. In consultation with service users, a range of recreational activities was provided, including yoga, boccia, art, archery, creative writing, music, and trips out locally including sailing, bowling, to museums and to libraries. During Action for Brain Injury week in May, artwork created by service users and information about Headway was displayed across libraries in Northern Ireland, with a larger event held at the Braid Arts Centre in Ballymena in order to raise awareness and understanding of brain injury. Partnership working with other brain injury charities and charity sector organisations was prioritised, leading to increased awareness and collaboration. Through working with Volunteer Now, we were also able to increase the number of volunteers supporting our work. Our sincere thanks go to all our volunteers in Northem Ireland. Helpline Headway's nurse-led helpline remained a vital form of support for brain injury survivors, carers and families during 2023, while also providing guidance to professionals working in the field of brain injury. People contact the Headway helpline with a variety of support needs and questions. The helpline team are well placed to assist due to their combined experience and knowledge which covers rehabilitation, general nursing, acute stage care, social work, counselling, support work, family liaison, occupational therapy and welfare benefits. Staffing levels for the helpline increased during 2023, with the team now comprising two full time and nine part-time staff. This increase in staffing levels has enabled the helpline to answer 11,019 enquiries during 2023 - a 23 % increase on 2022 (8,987) and the second highest recorded by the team. Of the 11 ,019 enquiries answered, 7,513 (69 % ) were from people directly affected by brain injury, that is survivors and their families, friends, and carers. This is slightly lower than previous years (73 /0). In 2023, 1,057 {10 % ) of enquiries were received from professionals, which is consistent with previous years. The compassionate, caring and professional support provided by the helpline team was recognised throughout the year by messages of gratitude from those using the service.

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 MAY for tke roly the eurDpsY6kDlog￿ts. H8 kas kAd A lot rf￿P￿t froth all sopts get brA&K i￿J￿rY PAt&8rtts th6 rdkAb so &t £s upenerte8 spker6. . Emergency Fund The Emergency Fund has continued to provide a consistent and invaluable service for individuals and families facing practical challenges in the immediate aftermath of a brain injury. The majority of the grants given are to help families to be by the bedside of loved ones in critical care by paying for transport or accommodation costs. In 2023, £92,259 was awarded to individuals and families. This increase of 310/0 on the previous year represents the impact of the cost-of-living crisis on families, as well as the inflationary pressures on transport and accommodation costs. At the end of the year, the fund has distributed grants totalling over £613,824 since its launch in 2011. This achievement was made possible by the continued generous support of the Stewarts Foundation, which has been a loyal and generous partner of this programme since its inception. However, it is clear that the current level of expenditure to support this vital scheme is unsustainable without additional funding, so a new fundraising appeal has been launched. ke k8lp prov&dgd by Headway kAs allowed book &7 BS3 fvr tke three sAt￿y￿ay to A bit l¢ fftrpdtrol. "/ hA￿d A Way to kMRk6 theJ0￿￿y, bkt I h￿￿8 s+t OAf AKd I hA￿e bedK Rblg to go AKd eqery satkrdAy &f&t hA￿￿t fftr H8Adway. Th￿ gra￿t ￿ A féAI r8lrfA¢& tstrA Wory gkt rf*My

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 Justice Programme Headway's Justice Programme continues to improve understanding and awareness of brain injury within the criminal justice system. Throughout the year, Headway's Justice Programme provided 32 traininglbriefing sessions to a wide range of professionals. This included Probation Officers, Prison Officers, Neurodiversity Support Managers, other charities working within the Justice sector and organisations working within the field of intimate partner violence. In April, Headway announced a collaboration with His Majesty's Prison and Probation Service (HMPPS) to explore and develop innovative support systems for individuals with brain injuries within the justice system. The focus of this initiative is the'Brain Injury Support Programme, (BISP), a specialist pilot project aimed at offering tailored assistance to brain injury survivors. This initiative underwent a successful trial in the South-central Probation region and marks a significant step towards providing much-needed support for those navigating the complexities of the justice system post-brain injury. The Brain Injury Identity Card scheme, which remains integral to the Justice Programme, continued to expand with 1,933 personalised cards issued during the course of 2023. This is up 38 % on the previous year and takes us to a little under 13,000 cards issued in total. The card remains a highly respected and valuable tool for survivors of brain injury. "My 8Ard has bee￿ bn"II&AKt As I wgKt to see d7Ughter 4￿￿01e£Y Xy PA￿. lost kxy bAIAK6e. ka￿ks tg Card I was ￿9t As A Motker wko yok thA￿k you fvr thse 6ards ￿k￿k Are A skperb £deA. . Publications and resources Headway's library of award-winning free-to-access publications is a crucial source of information and support to brain injury survivors and families, as well as those working to support them.

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 A total of 72,153 factsheets and e-booklets were downloaded from the charity's website in 2023, an increase of 4.6 % on the previous year. Numerous factsheets were reviewed over the course of the year in consultation with external experts. These included Balance problems and dizziness- causes and treatment,. Anxiety after brain injury," Retuming to work,. Relationships after brain injury,. Sex and sexuality," Concussion in sport,. Concussion in the wortplace and a new publication on Identity after brain injury. In addition, publications were converted into a single downloadable format that has a consistent layout and is print ready. In recognition of the charity's position as a leading authority on brain injury. Headway was invited to speak at various conferences in 2023 including events organised by the British Psychological Society, Imperial College and Brake, the road safety charity. "I16￿8 FrA￿e tk8re kAS b6eK w help orsuppgrt fftr y ex-pArt￿r. A dtsperAt8 CRII to the HgAdwAy hglpl&K booklets tk8 pkzzl8 p￿￿&£ fill place pIdfisA￿tr behA￿￿￿r￿. . Webinars In 2023, the charity introduced a series of monthly webinars. These are free and open to all, including brain injury survivors, carers, family members, health and social care professionals, and anyone with an interest in the webinar topic. Hosted on Zoom, the webinars feature an expert speaker and include a presentation followed by the opportunity for the audience to ask questions. A total of eight webinars took place in 2023, on topics including Covid and the brain. Addiction and brain injury., Challenging behaviour" Mental capacity and Disability disGrimination. In total, 516 people attended the webinars, with more than 3,500 YouTube views of the webinar content on catch up. Digitsl There were 950,528 visits to Headway's websites in 2023, a 5.5 % increase on the previous year. This strong performance is due in part to a focus on search engine optimisation. By increasing the frequency with which the charity publishes content and remedies technical 10

Headway- the brain injury association Report of the trustees for the year ended 31 December 2023 issues, Headway has increased its digital prominence meaning more people affected by brain injury are finding relevant content. On social media, the charity's total following across Facebook, Twitter, Instagram and Linkedln grew to 79,136- up 9.8 % on 2022. Facebook and Linkedln performed particularly strongly, with page followers increasing by 16.9 % and 31,/0 respectively over the course of the year. Campaigns and awareness Headway continued to raise its profile in the UK media, increasing awareness of brain injury, calling for more support to be provided to those affected, and campaigning to reduce its prevalence. The charity's reputation for providing relevant and well-reasoned responses led to spokespeople regularly inteniiewed on television and radio channels including Sky News, BBC Radio 4's Today programme, Sky Sports, Talksport and on BBC Radio 5 Live. Our statements have appeared in national press, covering both print and online publications. Key titles include The Guardian, The Sun, Mail Online, The Telegraph and the Independent. Much of the coverage related to concussion in sport, specifically the failure of football governing bodies to allow temporary concussion substitutes. Brain health in rugby also provided opportunity for Headway comment as did the publication of refreshed government guidance on concussion in grassroots sport. The charity also gained prominent features in lifestyle magazines such as Chat and TV coverage for fundraisers such as Giles Johnson who rowed the Atlantic raising vital funds for the charity. Action for Brain Injury Week took place in May, with the Every 90 SeGonds campaign receiving an overwhelmingly positive response. By using the statistic.. Every 90 seconds someone is admitted to a UK hospital with a brain injury, the charity drew attention to the prevalence of brain injury. The campaign also heavily referenced the causes of brain injury to create an audience connection ensuring materials would be viewed and shared. The investment in high-quality multi-media content led to our Every 90 Seconds videos being seen more than 100,000 times during the campaign week alone. Public affairs In 2023, Headway increased the size of its policy and public affairs team to enable it to have a greater voice in UK-wide political discussions and increase the number of local

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 policy briefings it provides to the Headway network. However, the team remains relatively small, making its achievements all the more impressive. In 2023, the charity progressed many areas of work. This included production of its Cost- of-Living report, which documented the considerable financial strain facing both Headway groups and brain injury survivors as a whole. The report was used to highlight the precarious funding situations facing many Headway groups and to raise Headway's profile among politicians and civil servants. To coincide with publication of the report, the Budget for Brain Injury campaign was launched ahead of the spring budget. This encouraged the Chancellor to make adequate financial provision for brain injury survivors, including through funding for community rehabilitation services. The campaign continued throughout 2023, targeting both spring and autumn fiscal events. For the latter, the charity collaborated with other brain injury charities including Brainkind. The Child Brain Injury Trust and The United Kingdom Acquired Brain injury Forum (UKABIF). In total, 2,498 people signed a campaign pledge card in support of the activity. This successful campaign collaboration is representative of a wider effort to build cross- sector relationships to ensure the charity remains visible and connected. This increases influence, which is important when responding to govemment consultations. In 2023, submissions We￿ made in relation to: the proposed closure of train ticket offices,. proposed changes to Work Capability Assessment (WCA),. proposed changes to stake limits for online gambling and a range of other gambling related issues including identifying people at financial risk from remote gambling. A further public affairs focus was recruitment of parliamentary champions who can represent the views of brain injury survivors in Westminster. Fourteen parliamentary champions have now been recruited, with the first regular communications bulletin sent to parliamentary champions in November and a schedule established to ensure contact is made on at least a quarterly basis. Throughout 2023, the charity maintained its involvement in the development of the government's ABI strategy. This included attendance at all patient and public voice {PPVRG) meetings, written feedback following each meeting and feedback provided on drafts of the strategy. The Policy and Public Affairs team also issued monthly policy bulletins to brief the Headway network on relevant policy and public affairs matters.

Headway- the brain injury association Report of the trustees for the year ended 31 December 2023 Fundraising In 2023, the fundraising team experienced substantial growth in personnel with the addition of three new members to bolster income generation efforts. The positive impact of this recruitment was felt throughout the charity's fundraising activities. Notably, running events, particularly the London Marathon, outperformed expectations by surpassing the original income budget by 28 % . The Great North Run made its retum to the Headway portfolio and exceeded budget projections by an impressive 40 % . Community fundraisers continued to undertake heroic challenges that not only generated income but also heightened Headway's profile. A notable example was supporter Giles Johnson, who, alongside his rowing partner Matthew Ponsonby, rowed across the Atlantic raising funds for several charities including Headway. Giles received extensive media coverage including an interrfiew on ITV, he was shortlisted for a Pride of Britain Award and was special guest at the Headway Annual Awards, sharing his story on stage alongside fellow Atlantic rower James Cracknell. The Annual Awards remained a highlight, attracting over 370 guests to celebrate the outstanding achievements of brain injury survivors, carers, volunteers, and others in the Headway community. Fundraising income for the event increased by 230/0 compared to the previous year. The charity continued to receive significant support through legacies, experiencing a 500/0 increase over the budget in 2023. We are extremely grateful for every legacy we receive and would like to pass on our thanks and condolences to the families and friends of all those who so generously left us a gift in their will. In the retail chain, April 2023 brought change with the appointment of a new Head of Retail following the retirement of the previous post holder. The retail team surpassed the previous year's total income and targets, achieving an 11 /0 increase against set goals, with total income exceeding £3.4 million. The team's passion for Headway was evident in a retail team pulse survey, where the question "Would you recommend working for Headway" received a highly positive score of 9.4 out of 10. In 2023, a focus on improving the retail estate involved assessing and enhancing working environments and reducing operational costs. Initiatives such as the full LED light rollout were implemented, projected to reduce power usage by 200/0-22 % over its lifetime. We have also continued to receive incredible support from a number of charitable trusts, most notably the Thompson Family Charitable Trust, which has provided around 13

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 £650,000 to the charity over the course of the past 15 years, including a donation of £50,000 in 2023. This incredible support is never taken for granted and we remain incredibly grateful to have such a generous and long-standing partner. In addition, we are equally grateful to the Stewarts Foundation, which again supported the charity's Emergency Fund with a grant of £40,000 in 2023. Without this support, the Fund would simply not exist. We have also continued to receive incredible support from a number of charitable trusts, including The David Family Foundation, and many others without whom we would not be able to continue to improve life after brain injury. Training Headway substantially expanded its training courses in 2023. The introduction of sessions such as Introduction to Brain Injury, Understanding Behaviours that Challenge, and a free session for brain injury survivors, co-hosted by someone with lived experience and entitled Understanding MY Brain Injury, ensures a comprehensive programme that reflects the needs of a variety of stakeholders. The delivery of 91 training sessions, including 19 private group sessions, marks a significant increase from the previous year, suggesting effective outreach and engagement strategies. With 863 participants and a waiting list for the Understanding MY Brain Injury session, there is clear evidence of high demand and successful audience connection. Recruiting clinical psychologists and a brain injury survivor enriches the training program with varied perspectives and expertise. Approved Provider scheme Headway continued to develop its Approved Provider scheme, an accreditation programme open to residential care settings. The scheme uses standards that reflect the specific needs of people with brain injury. These are used to evaluate a range of facilities including hospitals and neuro- rehabilitation units. residential and nursing homes and respite facilities. The accreditation of 54 units and 17 new enquiries in 2023 indicates a growing interest in the scheme bolstered by the development of marketing materials and the use of various platforms for promotion. 14

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 "kve ha￿8J￿￿t hA&4 CRr8 hA￿e bee grAddd witk grad￿ All Areas. Tke rf , being a rdg&St8red HgAdwRy ApprDg6d ProO£der Ack￿06￿9 yourstRndArds kelp us to proO&d8 A k4k6r qkRtity rf6&7re... Volunteers The charity is extremely grateful to those who have given their time, expertise and compassion to help Headway in 2023. Whether acting as a branch volunteer or supporting our activity groups in Northern Ireland, being a trustee or committee member of a local Headway, or working in one of our charity shops, these volunteers have continued to support brain injury survivors in a challenging landscape and they make a direct and tangible difference to improving life after brain injury. The outstanding retail performance owes much to the charity's amazing volunteers, their contributions are vital and should be recognised and ￿lebrated. Within the charity's shops, shelves are stocked, donations sorted, and volunteers are on hand to serve customers with a smile and make connections in the local community. Without the combined efforts of all of our volunteers, we simply would not have been able to achieve all that we did in 2023. We remain indebted to each and every volunteer that helps us to improve life after brain injury. Future plans In 2023, the charity's senior leadership team and board of trustees began the process of developing a new long-term strategy for the charity. The strategy will need to evolve and enhance the support it provides to the Headway nefvrfork, while identifying sustainable projects that will improve the lives of suprfivors and families in a challenging socio-economic environment. The strategy will be published in 2024. Meanwhile. existing support programmes, such as the nurse-led helpline, the Emergency Fund, the Brain Injury Identity Cards and the Justice Programme will continue to be supported. We will also continue to enhance our library of award-winning publications, which remain free to access, our website and digital communications, and our lobbying of government for appropriate funding and services for those affected by brain injury.

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 We will be innovative and bold in increasing our fundraising activities, including the expansion of our retail chain into Yorkshire. And we will develop our training programme with the aim of reaching more professionals to increase their understanding and awareness of the often hidden, fluctuating and complex nature of brain injury, while helping survivors and families with free courses. Financial review The charity's financial performance remained strong in 2023 with income maintaining its post-pandemic growth. Income from our charity shops continued to grow despite fewer shops. This is a testament to the continuing dedication of our whole retail team. The charity continuing investing in expanding staff and renewing activities following the pandemic. This can be seen in the increased income generated from training and events and conferences as well as substantial growth in expenditure on charitable activities. Overall, the charity achieved a solid surplus in 2023, although this was significantly down compared to the very large surpluses in 2021 and 2022. The charity's strong financial position will enable it to continue post-pandemic rebuilding and the implementation of a new five-year strategy in 2024. It all continues to provide resilience to protect our work from future crises. The statement of financial affairs provides a detailed picture of the financial performance of the charity in 2023. The details of our financial performance can be found on pages 29 and 30. Copies of the consolidated statement of financial activities and balance sheet are available in larger print on request. Our 2023 financial reports and accounts have been prepared under the conditions set out by the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Reserves policy The impact of the 2023 results on our balance sheet is to increase reserves from £5,824,792 on the 2022 balance sheet to £6,211,220. A detailed analysis of our reserves shows that £491 ,363 (7.91 % of funds held) is held as restricted funds on behalf of Headway branches and £254,084 (4.090/0 of funds held) is held in other restricted funds and cannot be used for purposes other than that for which the funds were donated. This leaves unrestricted funds of £5,465,773 (88.0 /0 of funds held), of which £4,231,499 (68.130/0 of funds held) are not required to support tangible fixed assets and can be used for general charitable purposes. 16

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 After considering all requirements for holding reserves, the trustees recognise that £4,231,499 represents 10 months of unrestricted expenditure. The trustees therefore plan to review the reserves policy in 2024 to reflect both the change in the agreement be￿een the retail company and parent charity and the investment in ongoing and new activities that may be identified as part of the development of the new five-year strategy. Investment policy Traditionally, the charity held a high proportion of its reserves in liquid form. However, the acquisition of the charity's premises in Nottingham in 2009 and legacies received, which included property, have changed the balance of its portfolio. The Trustees previously made the decision to appoint financial advisors to maximise returns on the charity's investments whilst maintaining the security of its funds. The funds are not considered excessive in the context of total expenditure, yet they are available and adequate to fulfil the charity's obligations. The Reserves and Investment policies continue to be reviewed regularly and require the charity to maintain sufficient assets to cover operating costs and maximise the return on the charity's investments. Structure, governance and management Governing document Headway - the brain injury association is a company limited by guarantee govemed by its Memorandum and Articles ofAssociation (dated 13 February 1989 as amended by Special Resolutions dated 2 October 1999, 6 October 2001, 11 October 2003 and 6 July 2008). It is registered as a charity with the Charity Commission and the Office of the Scottish Regulator (OSCR). In the event of the company being wound up, members are required to contribute an amount not exceeding £10. In response to the pandemic Headway was forced to postpone its AGM using the emergency legislation provisions under the Corporate Insolvency and Governance Act 2020. This prompted a review of the Governing document to enable the charity to conduct virtual general meetings in the future. Tax status The company is a registered charity, number 1025852, and is exempt from corporation tax and income tax. Capacity of Trustees All members of the Board of Trustees exercise their authority in their capacity as directors under relevant company legislation and as Trustees of the charity. Given the company's charitable status. the term 'Trustee' rather than 'director' has been used throughout this document. iv. Appointment of Trustees In accordance with the Article of Association, one third of the Trustees retire by rotation each year. This provides the members of the charity the opportunity to refresh the Board should it wish to do so using the democratic process. Any 17

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 member entitled to vote at the general meeting may propose one person for appointment or re-appointment as a Trustee. The number of elected Trustees shall not be less than three and subject to a maximum of 12. The elected Trustees may co-opt a maximum of up to one half of their number as Trustees. Headway does not impose limits on the time that Trustees may serve as such time limits would weaken the Board through the loss of Trustees with appropriate skills and experience. This matter has been the subject of extensive debate within the organisation and members reached the conclusion that this was not in the interests of the charity. Trustee induction and training New Trustees undergo a comprehensive induction to brief them on their legal obligations under charity law, the content of the Memorandum and Articles of Association, the structure and govemance of the charity as well as all policies and procedures, their obligations under the Trustees Code of Conduct, the business plan and budget together with recent financial performance. Trustees are also provided with relevant information from the Charity Commission on a regular basis. The Trustees have agreed to undertake periodic training on diversity. vi. Organisation The Board of Trustees, which meets quarterly, governs the charity. The Board is supported by committees where matters regarding development, membership and audit are considered in detail. A Chief Executive is appointed by the Trustees to manage the day-to-day activities of the charity. To facilitate effective operations the Chief Executive has delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance, employment and provision of services. vii. Related partieslRegister of interests The charity has a well-established network of branches and affiliated groups around the country. Collaborative work is undertaken with other brain injury related organisations as well as a wide range of healthcare charities and voluntary sector organisations to raise awareness and share good practice. The charity has in place a system by which senior staff and Trustees are required to make annual declarations of interest which record related party transactions. In the interests of transparency these are published on the Headway website. There are no material disclosures for 2023. viii. Risk management The Trustees have a risk management strategy, which comprises". an annual review of the risks the charity may face", the establishment of systems and procedures to mitigate those risks identified in the annual review of risks; and the implementation of procedures designed to minimise any potential impact on the charity should the identified risks materialise. 18

Headway- the brain injury association Report of the trustees for the year ended 31 December 2023 Through the risk management processes established for the charity, the Trustees are satisfied that any major risks identified have been adequately mitigated where necessary. It is recognised that the systems in place can only provide reasonable but not absolute assurance that all major risks have been adequately managed. For example, the risks created by the global pandemic could not have been predicted. The following risks have been identified: The Trustees have recognised that the reputation of the whole Headway movement could be damaged by adverse media coverage. This risk is mitigated by regularly reviewing the charity's Rules of Affiliation and closer scrutiny of the govemance and finances of the local network. As a charity supporting vulnerable adults, there is a risk that service users could be harmed. This risk has been mitigated by the introduction of Service Standards and closer scrutiny of the Headway network. The Trustees have recognised that trustees within the Headway network may not be sufficiently aware of their responsibilities. This risk is mitigated by comprehensive induction sessions for new trustees. The Trustees recognise that changes in local government funding could have an impact on the financial viability of Headway groups. This risk is mitigated by closely monitoring the finances of the local groups and encouraging the development of relationships with key decision makers and funders. Headway continues to review its insurance requirements to ensure that appropriate cover is available to all participating groups and branches at a cost-effective price. It will continue to work closely with its branches to ensure adequate financial controls are in place and that operational needs are regularly reviewed. In addition, the Trustees identified a number of new risks directly related to the pandemic. These included financial and HR risks. ix. Pay policy for senior stsff The Trustees consider that along with the Board of Trustees, the senior management team {comprising the Chief Executive, Director of Services, Director of Communications, Director of Fundraising, and Director of Finance and Administration) comprises the key personnel of the charity in charge of directing, controlling, running, and operating the charity on a day-to-day basis. All Trustees give of their time freely and no Trustees received remuneration in the year. Details of Trustees, expenses and related party transactions are disclosed in note 8 and note 18 to the accounts. The pay of senior management staff is reviewed annually and reflects performance. The Trustees have established a

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 Remuneration Committee to ensure that appropriate remuneration arrangements for senior staff are in place. Group and branch structure As of 31 December 2023, the charity is organised into local branches and affiliated or associated groups. Branches operate under the registered charity number (1025852) and OSCR number (SC039992) of Headway- the brain injury association. The relationship between the charity and the branches is explained in the accounting policies note 1 ts.) on page 33. Groups are autonomous, independently registered charities which have agreed to work within the Rules of Affiliation. The activities of these groups, operating under their own charity registration, are not included in the financial statements. Reference and administrative details Headway - the brain injury association is registered with the Charity Commission for England and Wales (Charity No. 1025852) and the Office of the Scottish Charity Regulator (Charity No. SC 039992). Headway - the brain injury association is a company limited by guarantee registered in England (No. 2346893}. The Directors of the Company are its Trustees for the purpose of charity law. Trustees who have served during the relevant period: Elected Trustees Denzil Lush (Chair from July 2022) Evelyn Vincent (Deputy Chair) Dr Colin Reeves CBE (Treasurer) Allistair Renton (Company Secretary) Jane Allberry CBE Dr June Gilchrist Jane Hales (until July 2023) Andrew Harding Rev Abraham Lawrence Brendan McKeever Dr Colin Shieff DrAndy Tyerman Co-opted Trustee Andrew Green MBE Alexa Charnley (from October 2023) Key management personnel Chief Executive: Luke Griggs Director of Finance and Administration: Ruth Ormston Director of Fundraising: Jen Murgatroyd Director of Communications.. Colin Morris Director of Services: Ruth Owens Principal and registered office Bradbury House 20

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 190 Bagnall Road Old Basford Nottingham NG6 8SF Auditors Saffery LLP Westpoint Peterborough Business Park Lynch Wood, Peterborough PE2 6FZ Bankers Lloyds Bank PIC 12-16 Lower Parliament Street Nottingham NG13DA Registered in England company number: 2346893 Charity Commission number: 1025852 Office of the Scottish Charity Regulator number: SC039992 Committees Trustees who have served on other committees during the year are as follows: Executive Committee Denzil Lush Dr Colin Reeves CBE (Treasurer) Allistair Renton (Company Secretary) Evelyn Vincent (Deputy Chair) Andrew Green MBE Audit Committee Allistair Renton (Chair) Jane Allberry CBE Jane Hales (until June 2023) Rev Abraham Lawrence Brendan McKeever Dr Colin Reeves CBE Membership Committee Evelyn Vincent (Chair) Andrew Harding Denzil Lush Brendan McKeever 21

Headway - the brain injury association Report of the trustees for the year ended 31 December 2023 Allistair Renton Remuneration Committee Denzil Lush (Chair) Dr Colin Reeves CBE (Treasurer) Allistair Renton (Company Secretary) Statement of Trustees, responsibilities The Trustees (who are also directors of Headway - the brain injury association for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources, including the income and expenditure for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; obsenie the methods and principles in the Charities SORP (FRS 102), make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements" and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements comply with the Companies Act 2006 and also with the requirements of the Statement of Recommended Practice (SORP) issued by the Charity Commission for England and Wales. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees, individually, are aware: there is no relevant audit information of which the charity's auditor is unaware., and 22

Headway- the brain injury association Report of the trustees for the year ended 31 December 2023 the Tfustees have taken all steps that ought to have been taken to make themselves aware of any relevant audil information and to establish that the auditor is aware of that information. Trustees. liability insurance Headway has maintained insurance during the year for Trustees against liabilities in relation to their duties as Trustees. ned on behalf of the Board Denzil Lush DATE: 23

Headway - the brain injury association Independent auditors, report to the trustees and members for the year ended 31 December 2023 Opinion We have audited the financial statements of Headway - the brain injury association (the 'parent charitable company,) and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Financial Activities, Group and Charity Balance Sheets, Consolidated Cashflow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 December 2023 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt 24

Headway - the brain injury association Independent auditors, report to the trustees and members for the year ended 31 December 2023 on the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Annual Report which includes the Directors, Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Trustees, Annual Report which includes the Directors, Report and the Strategic Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report and Strategic Report. We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion". 25

Headway - the braln injury association Independent auditors, report to the trustees and members for the year ended 31 December 2023 adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company's financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities set out on pages 22-23, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and under the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under those Acts. Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. 26

Headway - the brain injury association Independent auditors, report to the trustees and members for the year ended 31 December 2023 Identifying and assessing risks related to irregularities: We assessed the susceptibility of the group and parent charitable company's financial statements to material misstatement and how fraud might occur, including through discussions with the trustees. discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate. Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and guidance issued by the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator. Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non- compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not 27

Headway - the brain injury association Independent audltors, report to the trustees and members for the year ended 31 December 2023 detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misr8presentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: Il¥lWV.J.Ii c.oi'q.Iik,la Lid ilorsi'es ioiisibililics. This description forms part of our audilor's report. Use of our report This report is made solely to the parenl charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the parent charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the parent charitable company's members and trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company, the parent charitable company's members and trustees as a body, for our audit work, for this report, or for the opinions we have formed. Gareth Norris FCA for and on behalf of Saffery LLP Westpoint Peterborough Business Park Lynch Wood PE2 6FZ Chartered Accountants Statutory Auditors Date.. Saffery LLP is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006 28

Headway - the brain injury association Consolidated statement of financial activities (incorporating the income and expenditure account) for the year ended 31 December 2023 Unrestricted funds Restricted funds Restrlcted branch funds Total 2023 Total 2022 Notes Income from: Voluntary income Covid-19 funding Charitable activities.. Training Services lol by groups & branches Publications & awareness Other trading aclivilies.. Retail activities Sale of other merchandise Events & conferences Inveslfflenl & rental income Other Incoming resources". Profit on disposal of property 1,098,668 313.965 123,656 1.536.289 1,582,364 58.227 54.878 151,647 349,260 54,878 163.263 349,260 14,390 9,678 297.611 11,616 3,432,079 14,485 309,566 74,306 3,432,079 14,485 397,102 76,484 3,106,272 27,370 359,337 42,139 56,136 31,400 2.178 17,367 17,367 Total Income 5.502,256 370,101 168,850 6,041.207 5,497,388 Expenditure on: Raising funds Fundraising Retail activities Events & conferences Charitable activities= Services provided Grants distributed Publications & awareness 319,850 2,662,069 144,215 10,759 330.609 2,662,069 190,096 354,443 2,184.035 18,312 45.881 1,346,868 47,763 564,417 269,279 68,882 159,726 3,965 1,775,873 120,610 564,417 1,587,111 104,469 292,264 Total expenditure 5.085.182 384,042 174.450 5 643,674 4.540,634 Nel gainsl (losses) on investments Net incomel {expenditure) before transfers between funds 10 11,105 11,105 39,652 405.969 {13,941) 15.6001 386.428 917,102 Transfers be￿een funds Net incomel {expenditure) after other losses 405,969 13,941 5,600 386.428 917,102 Fund balances brought fomard at 1 January 2023 5,059,804 268,025 496,963 5,824.792 4,907,690 Fund balances at 31 December 2023 5,465,773 254.084 491,363 6 211,220 5,824,792 General purpose funds and designated funds are both unrestricted funds. The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities. The Company has 81s0 taken advantage ofthe exemption in $408 Companies Act 2006 from presenting its individual profit and loss account and related notes. The notes on pages 32 10 43 from part of these financial slalements. 29

Headway- the brain injury association Balance sheet as at 31 December 2023 Group Charlty 2023 2022 2023 2022 Note Fixed assets Tangible assets Investments 1.234.274 15.343 1.249.617 1.216,977 246.164 1.463.141 612,106 621,510 1.233,616 622.988 840,153 1,463,141 10 Current assets Stock Debtors Cash al bank & in hand 11 12 10.208 1,279.253 4.429,350 5,718.811 11.611 712.421 4,134,799 4,858,831 9.748 2,521.289 2,990,370 5,521,407 11,611 712,421 4.134.799 4.858.831 Crodltors." amounts falling due wlthin onè year 13 (757,208) (497,1801 (585,568) (497,180} Net current assets 4.961,603 4.361,651 4.935.839 4 361,651 Net assets 6 211 220 5,824.792 6.169 455 5 824,792 Funds Unrestrict•d funds General funds Other designated funds Restricted funds Branches Cxher restricted funds 14 14 3,628,148 1.837.625 3.222.179 1,837,625 3.586,383 1.837,625 3,222,179 1.837,625 15 15 491.363 254,084 496,963 268.025 491,363 254.084 496,963 268.025 Total funds 6.211.220 5 824,792 6,169,455 5.824.792 The notes on pages 32 10 43 fomi part of Ihese financial statements. Approved by the board of trustees on 27 June 2024 and sign8d on its beh81f by: Denzil Lush Chair Company registration number.. 2346893 (England and Wales) 30

Headway - the brain injury association Consolidated cashflow statement for the year ended 31 December 2023 Group 2023 Group 2022 Note Net cash provided by operaling actlvities 87.961 861,472 Cashflows from investing a¢tlvlties Investing activities Dividends and interest Movements in Cash held on deposit Sale of investments Purchase of tangible fixed assets 47,637 1251) 219,967 60,763 15,839 {2,629) {57.249} 206.590 (44,039) Financlng activities Receipt of CBILS loan Payment of CBILS loan (250.000) 1250,000) Movement In cash and Cash equivalents 294,551 567,433 Notos lo the cashflow statement (l) Reconciliation of net in¢omel (expenditure> to net cash inflow from operatlng activities Group 2023 Group 2022 Net income {expenditure} for the reporting period {as per the statement of financial activilies) 386,428 917,102 Adjustments for.. Dividends and interest earned on inveslments Gainl Ilossl on investment value Gainl {loss on revaluation of investment properties Depreciation of tangible fixed assets Surplus on disposal of fixed assets Ilncrease}I decrease in slock Decreasel (increase) in debtors Increasel (decrease) in creditors Increasel {decrease) in pension provision (47.6371 11,105 115,8391 39,652 60,833 {17.367} 1,403 {566,832) 260,028 79,988 2,376 171,862 1285,9181 (47.751) 87,961 861.472 {ii) Analysis of cash and cash equivalents Group 2023 Movement Group 2022 Cash at bank Short term deposits Net cash funds at 31 December 2023 3,379,014 1.050,336 4.429,350 126,037 168,514 294,551 3,252,977 881,822 4,134,799 31

Headway - the brain injury association Notes to the consolidated financial statements for the year ended 31 December 2023 Accounting policies. a. Presentational ¢hanges to the SOFA The income categories on the face the SOFA have been reworked to provide grealer clarity to Users of these financial slatemenls. This has necessarily resulted in a slight difference in the presentation of the comparative information for 2022. b. Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting standard app1￿cable in the UK and Republic of Ireland IFRS 102} {effective 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Headway the brain injury association meets the definilion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise ststed in Ihe relevant accounting policy nole{s}. The financial statements have been prepared on the historical cost basis except for the modification to a fair valLJe basis for certain financial instruments as specified in the accounting policies below. c. Preparation of the accounts on a going con¢em basis. The financial statements have been prepared on a going concern basis as the Irus168s believe that no material uncertainties exist. The truslees have considered the level of funds held and the expected level of income and expenditure for 12 months from the aulhorising of these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able lo continue as a going concern. d. Basis of consolidation i) The consolidated 8CCOLJnls of Ihe group incorporate the financial statements of the charity and its trading subsidiary company, both of which were made up to 31 December 2023 ill Income and expenditure for Headway Retail Ltd is included in full in the consolidated statement of financial activities {SOFA). Any profits donated from the trading subsidiary during the year are removed on consolidation. iiil The income and expenditure of the subsidiary are disclosed separately in note 18. iv) A separate SOFA for the charity is nol provided. See the disclosure note included with the SOFA. e. Taxation The Charitable Company is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of Ihe Finance Act 2010 and therefore il meets the definition of a charilable company for UK corporation lax purposes. Accordingly. the Charitable Company is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. f. Incoming rèsources i} All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amounl can be quanlified with reasonable accuracy. For legacies. entillemenl is when il is probable thal il will be received, and this is usually when probate has been granted. ill Where the charity has been nolified of material legacies that have not been included in the SOFA (because the conditions for recognition have not been mell, this fact and an estimate. where possible, of the amounts receivable are disclosed in the notes to the accounts. iiil Grants, whether attributable to unrestricted or restricted are accounted for on the basis of the amount receivable for the year. iv) Inveslment income is accounted for on a receivable basis. including recoverable tax. vl Corporate membership income is recognised in the yearlsl for which that membership applies. g. Government Grant Accounting policy Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that Ihe grant conditions have been mel. Where the grant does not specify performance condilions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are salisfied is recognised as a liability. 32

Headway - the brain injury association Notes to the consolidated financlal statements for the year ended 31 December 2023 h. Expenditure All revenue expenditure has been dealt with through the SOFA on an accruals basis. Direct costs have been allocated to their appropriate functional headings. Indirect overheads have been apportioned to these headings on the basis of a fair estimate of time spent or resources used. l. Governance and support costs Governance costs include those costs associated wilh meeting the constilulional and statLslory requirements of the charity and include the audit fees and cosls linked to the strategic management of the charity. Governance and support costs are allocated between the expendilure categories on the slalement of financial aclivities on a basis designed to reflect the use of the resource. j. Shops. operaling costs Costs incurred in acquiring shop leases and improvements thereon are Wrstten off over three years lo reflecl the break clause in the operating leases. k. Branches and groups Branches in Headway are non- autonomous and operate under the Regislered Charity number 1025852 in England and SC039992 in Scotland and are included in fvll in these accounts. Groups, which operate under their own reg￿stered charity number, are not included in these accounts. The financial statements include the income and expenditure of 48 branches in existence for the year ended 31 December 2023. l. Investments Investments in listed secunties are held al fair value. deemed to be market value. Gains and losses are charged or credited to the SOFA as appropriate. Depreclatlon Tangible assets with a cost exceeding £500 are capitalised and depreciation is calculated so as to wrile off the cost of tangible fixed assets on a slraight-line basis over their expected useful life. Depreciation has been applied at the following rates.. Freehold property Building improvements Office equipment and furniture Computer equipment and sofvare Motor vehicles Shop operating costs Behveen 50/(t and 15 /. 200/4 330/0 200/. 33/ n. Stocks Merchandise and publications are valued at the lower of cost or nel realisable value. Due lo a review of the valuation of donated stocks and the recognition of the impraclicability of estimating fair value where it is not possible lo hold detailed stock records, the charity is no longer including a valuation in the accounts of donaled stock held. Instead, the value of the goods donated lo the charity for resale is recognised as income when sold and the proceeds of sale are calegorised as 'income from other trading activities. in the SOFA. Financial instruments The trust only has financial assets and financial liabilities of a kind thal qualify as basic financial instruments. Basic financial instruments are initially recognised at Iransaclion value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective inleresl rale method. p. Operatlng leases Rentals payable under operating leases are charged on a straight-line basis over the lemi of the lease. Any rent premiums are written off immediately. q. Destgnatod funds Headway may at its discretion set aside funds for specific purposes which would otherwise form part of the general reserves of the organisalion. Specifically, funds are sel aside which represenl the investment made or lo be made in buildings and equipment for Ljse by the charity. As such. they are not available for other purposes. T. Restricted funds Distributions from restricted resources must be used for purposes consistent with donor intentions and should be the first source of funding lo support programmes and activities meeting the restriclion. 33

Headway - the brain injury assoclation Notes to the consolidated financial statements for the year ended 31 December 2023 s. Unrestricted funds General funds are funds which are available for the general purposes of that Charity. These funds will be spent in a way that the Trustees see fit in accordance with the stated objectives of the charity. l. Investment properties Headway holds two investment properties in Manchester that were gifted as part of a legacy and are held for investment purposes lo generate a rental income stream for Headway. There are no legal reslriclions to prevent the sale of these properties. These properties were initially valued at cost and subsequently at fair value, which is market value, by an independent examiner. u. Legal status of Headway Headway is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Memkrs are liable for a period up to one year after they cease membership. Crltical accounting judgements and key sources of estimation uncertainty. In the application of the charity's accounting policies, the trustees are required to make judgements, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors Ihal are considered to be relevant. Actual results may differ from these estimates. These judgemenls are reviewed regulady to reflect the changing environmenl. Voluntary income. Unrestricted Reslricted funds funds 675,161 329,996 93.511 Branch funds Total 2023 Total 2022 Donations Legacies Grants 18,502 93,626 787,289 329,996 419,004 614,224 434.368 533.772 295,463 30.030 1,098,668 313.965 123,656 1.536,289 1,582,364 Breakdown of restricted grants. Total 2023 Total 2022 Scottish Government Health & Social Care Board. Belfast Justice Project grant Charitable trusts and olher grant making bodies I'l 50,000 145,463 10,000 90,000 87,500 145,463 9,999 193,968 295,463 436,930 {") includes generous grants from the following Stewarts, Law 40,000 50,000 40,000 50,000 Covid-19 funding. Unrestricted Restricted funds funds Branch funds Total 2023 Total 2022 Retail grant scheme CJRS Kickslart scheme 58,227 58,227 34

Headway - the brain injury association Notes to the consolidaled financial statements for the year ended 31 December 2023 Other trading activities. Unrestrl¢ted Restricted funds funds 3,432,079 14,485 309,566 Branch funds Total 2023 Total 2022 Retail activities Sale of merchandise Events and conferences 3.432,079 14,485 397,102 3,106,272 27,370 359,337 56,136 31,400 3,756,130 56.136 31,400 3,843.666 3,492 979 Investment and rental income Unrestricted Restricted funds funds Branch funds Total 2023 Total 2022 Income from listed investments Bank interest receivable Rental income from properties 11,212 34,247 28,847 11,212 36,425 28.847 10,916 4,923 26,300 2,178 74,306 2,178 76,484 42,139 Analysis of total resources expended. Staff costs Other costs Management, Total 2023 support & governance costs Total 2022 Costs of generating funds Fundraising costs Retsil activities Events and conferences 190.105 1.413,072 33,986 55,289 1,180,664 139,228 85,215 68,333 16,882 330,609 2,662,069 190,096 354.443 2,184,035 18,312 1,637,163 1.375,181 170,430 3.182,774 2,556,790 Charitable expendlture Services provided Grants distributed Publications and awareness 826,772 21,251 326,873 469.964 99,359 83.995 479,137 1.775.873 120,610 564,417 1,587,111 104,469 292,264 153,549 1,174.896 653,318 632,686 2.460.900 1,983,844 2,812,059 2 028,499 803,116 5 643.674 4,540.634 Total 2023 Total 2022 Support costs staff costs Volunteer costs Office costs Computer support Depreciation Communicalion costs Legal and professional costs Subtotal support costs 349,590 12 246.434 85,828 34,805 22,273 28.677 767,619 432,242 211,170 64,071 41,168 12,781 8,753 770.185 Governance cosls Audit fees Fees for preparation of corporate tax relums Prior year audit fees Trustees, expenses Subtotal governance costs 28,299 1,532 3,806 1,860 35,497 26,953 1,458 57 465 28.933 Total management support 803,116 799,118 35

Headway - the brain injury assoclation Notes to the consolidated financial statements for the year ended 31 December 2023 Net income for the year This is staled after charging the following lo support and governance costs: Depreciation Auditor remuneration Audit fee Prior year audit costs Trustees, indemnity insurance cover 34,805 41.168 28,299 3,806 4.480 26,953 57 4,480 Operating leases- Land and buildings 632,916 500,449 Slaff costs Staff remuneration Salaries and wages Social security costs Pension costs Total 2023 2.852,284 226,044 82,258 Total 2022 2,318,211 181.611 63,687 3,160,586 2 563 509 Headway benefitted from the involvement of unpaid p8rt-time volunteers. 11 is not practical to place a value on these services. but the number of these volunleers in 2023 remains reduced. The average number of employees analysed by function was= 2023 2022 Administration Communications Fundraising and retail Services 11 99 28 142 21 146 174 Key management personnel The key management personnel of the group, parent charity and the wholly owned subsidiaries is comprised of the trustees. the Chief Executive Officer, the Director of Finance & Adminislralion, the Director of Fundraising, the Director of Communications. and the Director of Services. The total employee benelits of the key management personnel were £412,10312022'. £454,554). Employoe emoluments £60.000-£70,000 £70,000-£80,000 £110,000-£120,000 £130,000-£140,000 2023 2022 No remuneration was paid the any member of the board of truslees during the year, or the previous year. £1,860 expenditure was reimbursed to Iruslees in 202312022.. £01. 36

Headway - the brain injury association Notes to the consolidated financial statements for the year ended 31 December 2023 Tangible fixed assets Office & Computer shop equipment equipment & software Motor vehicles Land & building Investment properties Group Group total Cost- group Balance at 1 January 2023 Additions Disposalsl wrile-offs Balance at 31 December 2023 512,180 283,624 78,130 73,527 827,891 480,000 2.177.222 78,130 23,570 2,231.782 23.570 49,957 512,180 361,754 827.891 480,000 Accumulated depreciation Balance al 1 January 2023 Charge for the year Disposalsl write-offs Balance at 31 December 2023 512,003 197,164 41,739 63,607 9,920 23,570 49,957 187.471 9,174 960,245 60,833 23,570 997,508 512,003 238.903 196,645 NBV at 31 December 2023 177 122.851 631,246 480,000 1,234,274 NBV at 31 December 2022 177 86,460 9,920 640.420 480,000 1,216,977 The cost of the land not depreciated included in land and buildings is £400.00012022: 400,000}. Amounts attributed to land and buildings relate lo Ihe property owned by the charity's subsidiary undertaking, 190 Bagnall Road Properlies Limited. Computer Office equipment equipment & software Molor vehicles Investment properties Charity total Charity Building Cost - charity Balance a11 January 2023 Additions Disposalsl wrilethoffs Disposal lo Headway Retsil Lld Balance al 31 December 2023 448,964 281,734 78,130 73,527 143,891 480,000 1.428.116 78,130 123,570) 474,127 1,008,549 {23,5701 49.957 365,633 83.331 58.537 301.327 143.891 480.000 Accumulated depreciation Balance at 1 January 2023 Charge for the year Disposalsl wrile-offs Disposal to Headway Retail Ltd Balance al 31 December 2023 448,964 264 181,478 25,632 53,687 120,999 3,493 805,128 29,389 123,570} 414,504 396,443 {23,570) 30.117 366,277 82,951 12.428 194,682 5,682 118,810 NBV at 31 December 2023 380 106,645 25,081 480,000 612,106 NBV at 31 De¢¢mber 2022 100,256 19,840 22,892 480,000 622.988 On 1 January 2023. the assets relating to the shops and warehouse operated by Headway- the brain injury association were transferred to Headway Retail limited at carrying value. These are therefore no longer considered to be assets of the charity, although Ihey are still included in the group assets. 10. Flxed asset Investments Group UK equities Balance at 1 January 2023 Disposals during the year Gainsl Ilossesl during the year Movement in cash held on deposit Market value at 31 December 2023 246,164 {219,967) {11.105) 251 15,343 All investments relate lo holdings in the EdenTree Amity Investment Funds for Charities or Sanlander UK PIC preference shares. 37

Headway - the brain injury assoclation Notes to the consolidated financial statements for the year ended 31 December 2023 Subsldiary undertakings Charity UK equities Total Balance at 1 January 2023 Disposals during the year Gainsl Ilossesl during the year Movement in cash held on deposit Market value at 31 December 2023 246,164 {219,967) 111,105) 251 15,343 593,989 840,153 1219,9671 1,073 251 621,510 12,178 606,167 The investment in the subsidiary undertaking represents 100 /0 of the ordinary share capital of 190 Bagnall Road Properties Limited, a company which owns the charity's property and is incorporated in England and Wales. Its results have been included in the consolidated financial slalements along with Headway Retail Limited. a company limited by guarantee. Headway Retail Limited commenced trading during 2015. 11. Stock Group Charity 2023 2022 2023 2022 Goods held for resale 10,208 10,208 11,611 11,611 9,748 9,748 11,611 11,611 12. Debtors Group Charity 2023 2022 2023 2022 Trade debtors Other debtors Prepaymenls Amounts owed by subsidiary undertaking Taxation recoverable Legacies receivable Accrued income 159.761 10,407 460,508 80,581 6,910 137.466 143.119 10.280 347.645 1,650,813 80,581 6,910 137,466 168,696 369,139 110,742 1,279,253 69,718 374.998 42,748 712,421 69,718 374,998 42,748 712,421 369.139 293 2,521,289 13. Credltors, amount5 falling due wlthln one year. Group Charity 2023 2022 2023 2022 Trade creditors Taxation and social security other creditors Deferred income Accruals Taxation payable 542,613 65,614 39,475 73,404 36,102 288,912 52,613 25,479 51,758 78,418 354,223 65,614 39.475 73,404 32,807 20,045 585,568 288,912 52,613 25.479 51,758 78.418 757,208 497,180 497,180 Defer￿d income includes £40,656 income received for events that have not yet tsken place or where the donor has not been able lo participale in 2023. Income of £4,125 deferred in 2020 was released in the SOFA in 2023. Income for the Solicitors D1￿Clory 2024 has not been deferred in these accounts as the invoiGes were not raised in 2023. 14. Unrestrlcted funds Balance al 31 December 2022 Balance at ExpendSture, 31 gainsl{lossesl December & tran$fers 2023 Incoming resour¢es General funds 3,222.179 3,222.179 5.502,256 5,502.256 5.096,287 5.096.287 3,628.148 3.628.148 38

Headway - the brain injury association Notes to the consolidated financial statements for the year ended 31 December 2023 Designated funds Balance at 31 De¢ember 2022 Balance at Expenditure, 31 Incomlng gainsl{losses) December resources & transfers 2023 Expendable endowmenl fund Network crisis support Family emergency Justice for suNivors Digital projects fund Olher designated fvnds 1.146,000 391,622 100,900 119,923 50,000 29,180 1.837.625 1,146,000 a 391,622 b 100,900 c 119,923 d 50,000 e 29,180 f 1,837,625 The expendable endowment fund consists of propety donated to the charlty. The trustees have discretion as to how the fund is used and there is no actual requirement to spend or apply the capilal. The trustees have the power to convert the endowment funds into income. The network crisis support fund represents an amount set aside lo ensure that we can continue to support local Headway charities and volunteer-led branches. The family emergency lund provides financial support lo families and indrviduals struggling lo cope with the practical difficulties brought about by catastrophic brain injury. The justice for survivors fund has been established to underpin Headway's work on the Justice programme, including but not lirnited to the brain injury ID card. The digital project fund represents funds set aside lo increase Headway's digital presence. Other unrestricted designated funds represent working capital available at Ihe discretion of the Ifustees 15. Re$trl¢ted funds Balance al 31 December 2022 Balance at Expenditure, 31 gainslllossesl December & transfers 2023 Incoming resources Family emergency fund Reginal development & group support Helpline Information support programme Scottish Government Health & Social Care Board, Northern Ireland Justice project BRAW Look Ahead North Funds held on trust 28,882 50,416 25,041 2,279 17.778 86.874 40,000 {68,8821 50,416 b 75,041 2,279 d 20,922 e 35,612 f 50.000 50.000 155.362 10,000 6,888 49.271 8,580 370,101 146,856} {206,624} 110,000} (6,9381 {38,9441 5.798 1384,042} 6,190 15,017 35,548 268,025 6.140 h 25,344 38,330 j 254,084 Branches 496,963 168,850 {174,450) 491.363 764,988 538,951 558.492 745,447 Family emergency fund for people with brain injuries, supported by the Stewarts Law foundation and other community funding. Grants from other ¢h8rilable bodies and restricted legacies to support Network support slaff, training and other services to groups and branches Grants received lo assist the development and support of the Headway nurse led helpline Funding received from CAF America lo support our Information Support Programme. Funding from the Scottish Government to supporl the development of services within Scotland To provide people in Northern Ireland with acquired brain injury and their Garers with the opportunity lo access a range of services lo support Iheir needs post injury Funding received to support Headway s Justice Programme. Balances held from fundraising and group & branches contributions for the annual BRAW event Balances held from fundraising and group & branches contributions for the annual Look Ahead North evenl Funds held on trust for groups and branches pending re-establishment of activities in Ihal geographical area 39

Headway - the brain injury association Notes to the consolidated financial statements for the year ended 31 December 2023 16. Analysls of group net assets between funds Unrestricted Restricted funds funds Branch funds Total 2023 Total 2022 Tangible fixed assels Investment fixed assets Current assets Current liabilities Total net assets 1.234.274 15,343 4,973,364 757,208 5,465,773 1,234,274 15,343 5,718,811 757,208 6.211.220 1,216,977 246,164 4.858,831 497,180 5,824,792 254,085 491,362 254,085 491,362 17. Operating leases Short leasehold premises 2023 2022 Operating leases which expire Within one year Within one to two years Within two to five years Over five years 321,986 218,951 91,979 172,816 127,549 200.083 632.916 500,448 18. Related parties Net Income from Headway Retail Limited The charrty has a wholly owned trading subsidiary, Headway Retail Limiled, which is incorporated in England and Wales 8nd undertakes main activilies.. i} Ihe company acts as an agent in selling donated goods on behalf of the charity. ill the company conducls. as principal, the trading activity of selling greeting cards and other merchandise. The profits arising are donated to the charity by an annual paymenl under gift aid. Al 31 December 2023, the company had 26 trading shops (2022= 27 shops). Move from agency agreomont. On 1 January 2023. the trade and assets in relation lo the shops operated by Headway- the Brain Injury Association were transferred to Headway Retail Limited at their carrying value and were now operated by the subsidiary. On this same date, the previous agency agreement was terminated. The subsidiary's activity is shown in the profit and loss account below.. Headway Retail Ltd Proflt and loss account 2023 Turnover {Irading income) Less cost of sales Gross profil Administration expenses (shop operating cosls} Net profil for the year Gift aid payment Retained profil for the year 3,432.079 1,558 3,430,521 2,592,177 838,344 838,344 The comparative profit and loss account for 2022 is as follows.. Headway Retall Ltd Profit and loss account 2022 Turnover (trading income) Less cost of sales Gross profit Administration expenses (shop operating costs) Net profit for the year Gift aid payment Retaineol profil for the year 58,882 58,882 21,121 37,761 37.761 40

Headway - the braln injury association Notes to the consolidated financial statements for the year ended 31 December 2023 Net Income from 190 Bagnall Road Properties Limited The charity has a second wholly owned subsidiary. which is incorporated in England and Wales and undertakes one main activity: i} to hold property used by the group companies 190 Bagnall Road Properties Ltd Profit and loss account 2023 Turnover (trading income) Less cost of sales Gross profil Adminislration expenses Loss on ordinary 3clivilies before taxation Tax on loss on ordinary activities Retained profit for the year 5,680 {5.680} 5,680 The comparative profil and loss account for 2022 is as follows.. 190 Bagnall Road Properties Ltd Profit and loss account 2022 Turnover {trading income) Less cost of sales Gross profil Adminislration expenses Loss on ordinary activities before taxation Tax on loss on ordinary activities Retained profit for the year 5,680 15.6801 5.680 19. Analysis of net Idebtl funds) Other non- cash charges 31 December 2023 01 January 2023 Cashflow Net cash.. Cash at bank and in hand 4.134.799 294.551 4,429.350 Add: liquid resources Current asset investments Less.. debt Debts falling due within one year Debts falling due after one year Nel funds 4,134.799 294.551 4,429,350 41

Headway - the brain injury association Notes to the consolidated financial statements for the year ended 31 December 2023 20. Comparative Statement of Financial Activities Unrestricted funds Restricted funds Restrlcted branch funds Total 2022 Income from: Voluntary income Covid-19 funding Charitable aclivilies.. Training SeTvices tol by groups & branches Publications & awareness Other trading activities.. Retail activities Sale of other merchandise Events & conferences Investment & rental income Other incoming resources: Disposal of property 1,144,916 58,227 300,473 136,975 1,582,364 58,227 14,390 7,006 297,611 14,390 9,678 297,611 2,672 3,106,272 27,370 312,479 47,713 3,106,272 27,370 359.337 42,139 14,329 32,529 426 Total Incomfr 5,009,984 314 802 172,602 5,497.388 Expendilure on.. Raising funds Fundraising Retsil activities Events & conferences Charitable activities= Services provided Grants distributed Publications & awareness 335.730 2,184,035 18,713 354.443 2,184,035 18,312 18,312 1,188,285 8.579 292.264 259.439 71,656 139,387 24,234 1,587,111 104,469 292.264 Total expendlture 4,008,893 349.407 182 334 4,540,634 Nel gainsl {lossesl on investments Net incomel (expenditure) before transfers between funds 39.652 39,652 961,439 134.6041 {9,731) 917,102 Transfers between funds Net incomel (expenditure) after other losses 16,017 16,017 645,422 18,587 9.731 917,102 Fund balances brought forward at 1 January 2022 4,114,382 286,613 506,695 4,907,690 Fund balances at 31 De¢embor 2022 5,059 804 268,026 496 964 5,824,792 42

Headway - the brain injury association Notes to the consolidated financial statements for the year ended 31 December 2023 21. Comparative analysls of resources expended {note 71. staff costs Other costs Management. Total 2022 support & governance costs Costs of generating funds Fundraising costs Retail activities Events and conferences 142,751 1.217,370 115,798 894.744 18,312 95,894 71,921 354.443 2,184,035 18,312 1.360.121 1.028,854 167.815 2,556.790 Charitable expenditure Services provided Grants distributed Publicalions and awareness 610,961 9,623 150,562 440,741 94,846 45,808 535,409 1.587.111 104,469 292.264 95,894 2,131,267 1,610,249 799,118 4,S40,634 22. Analysis of group net assets between funds (note 161. Unrestricted Restricted funds funds Branch funds Total 2022 Tangible fixed assets Investment fixed assets Current assets Current liabilities 1,216,977 246,164 4.093,843 497,180 5,059,804 1.216,977 246,164 4,858.831 497,180 5,824,792 268,025 496,963 Total net assets 268,025 496,963 43